Dozens Fired from cTrader Due to Restructuring, Company Says

Forex Magnates has been able to confirm that a relatively extensive round of layoffs has taken place at Spotware Systems yesterday. Managing Director explains it is due to "new outsourcing arrangements."

ctrader logoAfter receiving multiple reports of massive layoffs, Forex Magnates has confirmed that Spotware Systems, developer of the cTrader platform, went through a round of restructuring yesterday.

Prior to yesterday’s development, the FX software developer, Spotware Systems, has employed just under a hundred people. Speaking with Forex Magnates, Ilya Holeu, the Managing Director of Spotware Systems, said that despite the firings the company remains a big enterprise and that the core of the business has not been affected.

ilya-holeu-spotware-2013Mr. Holeu commented on what took place and how the company plans to continue: “We’ve restructured and re-focused internally and as a result we had some non-mission critical redundancies just now: Some in the Sales Team due to re-focusing on new markets, some in development and QA due to new outsourcing arrangements. Needless to say that we will continue delivering products and services that exceed traders’ and brokers’ expectations.

We are also continuing to actively on-board a number of new brokers and banks in key new markets/jurisdictions. More exciting announcements on the new clients to follow.”


TAGS: , , , ,
More information on this subject is found in the latest Forex Magnates Quarterly Report

27 Comments on this post


  1. Pander Hvasilov said:

    You can’t sugarcoat firing of dozens of people who have families to support with pretty words like “Restructuring”.
    What happened was horrible and in many ways illegal.

    February 13th, 2014 at 3:35 pm
  2. Jon said:

    So… Do you belive them ?

    February 13th, 2014 at 6:10 pm
  3. Ex exployee said:

    Big enterprise of 20 employees? Oh please. Anyway, great deal of client and server side developers with fx background are now free, you can have them as a solid strong team.

    February 14th, 2014 at 9:25 am
  4. Pander Hvasilov said:

    Not 20 Employees. More in the range of 50-70.
    And it’s quite obvious from the extensive sugarcoating that something else is going on. Restructuring my ass.

    Indeed, the market has now been flooded with a great bunch of people who will have no trouble finding nice new proper jobs.

    February 14th, 2014 at 12:37 pm
  5. Another guy said:

    “More in the range of 50-70.” it was. Now ~20

    February 14th, 2014 at 1:33 pm
  6. FXOpen Denis said:

    Not a good news but I believe that Spotware Systems management is doing right steps to continue their business. I wish all the best for the guys!
    I think there will be no problems for IT guys to find new place to work as there is always lack of qualified staff in many companies, including FXOpen.

    February 14th, 2014 at 1:51 pm
  7. Roger said:

    The problem here is the management. Particularly XXXXXX.
    I worked with him while I worked at FxPro and I have to say that he is an absolute terrible manager (to say the least).
    I remember a case where he ordered €40,000/month worth of news feeds from a provider and signed a 2 year contract with them. The problem is that he did not involve IT, marketing or developers in the process resulting in the feeds being useless and losing the company almost €1,000,000. (The news feed sales rep was laughing all the way to the bank with the coms he got on the deal)
    These mistakes probably are happening there too and profits are low because of it and their only solution was to fire staff to bring up the profits.

    February 14th, 2014 at 3:54 pm
  8. Software Expert said:

    I have good advice for Spotware:
    Try to find more competent management I think it’s more effective than fire IT guys

    February 14th, 2014 at 4:26 pm
  9. Ron Finberg said:

    @Roger – I edited your comment as we prefer from allowing the comment forum from being used for targeting specific individuals when an article isn’t solely about one individual.

    That being said – wanted to give a journalistic opinion here. I don’t have any knowledge of Spotware’s financial position. I would like to know them, but I personally don’t have any first party knowledge. However, for whatever its worth, they have managed to be the first competing platform to MT4 that you even hear being discussed which is an achievement. cTrader is obviously still a drop in the bucket compared to MT4, but it makes it into brokers radars more often than not.

    February 14th, 2014 at 4:53 pm
  10. Ex employee said:

    The problem with Spotware is loosing focus by trying to create separate product after cTrader initial success. And wasting hell lot resource on that.
    Pretty stupid decision when you are challenging monopoly.
    They simple ran out money.

    February 14th, 2014 at 6:46 pm
  11. Another ex employee said:

    Surely it’s a management problem. It’s way too strange that company grows, hires new employees apparently having some big plans and then suddenly shrinks by 80%.

    February 14th, 2014 at 9:26 pm
  12. Alex said:

    Guys , they make money . This was a process to “Clean Out” the initial developers.

    Once the platform is done and codebase is stable they dont need all that on their books

    February 14th, 2014 at 9:28 pm
  13. A. said:

    @FXOpen Denis: This is a neutral and impartial blog. I find the marketing and recruiting that you are doing for F.O. borderlinely aggressive. Would you mind slowing them down a little bit, please?

    February 14th, 2014 at 10:13 pm
  14. SL said:

    @Ron – There are actually other platforms which have tried to clone the MT4, MultiCharts, Trading Station, not to mention other platforms such as TradeStation, NinjaTrader, ActTrader.

    I don not think anyone can challenge MT4 in terms of programming, the MT4 is still the industrial standard for programmers, they are used to MT4 and have lib etc build up over years.

    Only way to provide new and alternative, is by not trying to clone the MT4, but to do the complete opposite and move forward from the status quo.

    February 14th, 2014 at 11:52 pm
  15. Another ex employee said:

    That’s is far from truth. There was a lot of work to do and a few weeks ago there was open positions for new developers and QA engineers. Like I said, something went really wrong.

    February 15th, 2014 at 2:07 am
  16. John said:

    Speaking from experience, companies will expand to a point where there is no need to have all the original staff they started with, indeed, there is usually an initial period of expansion, for a tech company it will be IT staff, then a sales push and upkeep of current technology. So this would not be surprising.

    However I did a study on 100 brokers and 45% of them were using a bespoke platform, not even 5% were using C-Trader. Meta continues to be dominant, but not because any broker actually demands Meta, many dislike it.

    February 15th, 2014 at 6:07 pm
  17. Not former employee said:

    if forex magnates wants to do real reporting for the forex news they would contact some of these employees which were kicked out with minimum compensation. Instead they take quotes from Holeu which the words actually says nothing at all.

    Magnates is biggest FX news site same reason as MT4 is biggest FX platform – they arived early. Nothing to do with good product.

    Tip for you: speak to the people who left and the people STILL at cTrader. They will tell you this whole story is because of very bad management from the top. The same management you rely for this story.

    February 15th, 2014 at 9:37 pm
  18. Michael Greenberg said:

    thank you for the honest feedback and quick analysis of our market positioning. we are indeed following up with relevant sources as we speak, however as your news experience tells you – these things take time.

    February 15th, 2014 at 10:37 pm
  19. Stephanos said:

    I've read all the comments so far and the conclusion that I come to the same as Roger.

    February 16th, 2014 at 3:57 pm
  20. Andrew said:

    At the end of the day two guys came together and have built the best competitor to MT4, so you’ve got to give them Kudos for that. Most traders and brokers give good feed back on the platform. Yes they have made errors, both here any maybe in previous roles, but name one entrepreneur that doesn’t trip up from time to time. Lets all wish them luck, as the market needs a strong competitor to MT4 and also good luck to those made redundant in finding new jobs or maybe in launching new companies.

    February 17th, 2014 at 11:54 am
  21. Andrew said:

    You see, even the visa guy Steph understood it all

    February 17th, 2014 at 5:47 pm
  22. Andrey Pavlov said:

    Thanks for all the kind words, everyone.

    In case anyone is interested, 11 Developers were let go. For a company of our size it is not a dramatic change. The rest of the people were in non-dev roles.

    Most of those guys have immediately found employment with our clients, which makes me happy for both our Clients (they got crème de la crème of the industry) and for our ex-Employees (they will work for the smartest, most reputable brokers around).

    Andrey Pavlov

    February 17th, 2014 at 9:41 pm
  23. Ex employee said:


    How about employees who came Dec 2013- Jan 2014 from abroad (Russia) , selling belongings, buying new staff in new country , putting money into flat deposit etc, bringing dependants with them.. And after 1-2 motns “letting go” , some of them probably will be forced to move back to Russia.
    Are you going to pay compensation for them?

    February 18th, 2014 at 12:05 am
  24. Roger said:

    @ Andrey Pavlov – I think that “Ex employee” deserves an answer to his question “Are you going to pay compensation for them?”
    Also, if what he is saying is true…shame on you.
    @ Avi Mizrahi – can someone from ForexMagnates interview one or a few of the ex-employees to get their side of the story?

    February 18th, 2014 at 5:17 pm
  25. Ex-ex-ex [lol] employee said:

    “Are you going to pay compensation for them?”
    Well, if there ever was even a slightest shred of possibility of not paying his stuff…

    Besides, he probably wouldn’t cut his firm by 4(four) times in size if he had funds to compensate for his own actions.

    February 18th, 2014 at 8:06 pm
  26. James - not ex-employee said:

    Just from what I can read above and from the comments I can surely guess what happened. They guys ran out of money due to the high costs of running the business.
    You know now what is the best way to make money in this industry? Not to be a trader, not to be a broker. To be a company or consultant which provides services to brokers. As an example, some brokers pay like 20,000 euros a month to new providers or signal providers. They make you sign agreements for 2 years because they know that it is a cash grab for them. This is only an example. When I took over management of a brokerage firm from previous manager, I cancelled many deals like this, saving the company around 100,000 euros a month from shitty agreements.
    So I believe spotware fell in this arena, and at the end because they could not sacrifice the agreements they had to sacrifice the employees

    February 19th, 2014 at 5:49 am
  27. WB said:

    I guess what comes around goes around… Just trying to make another MT4 with a different skin doesn’t work. And these guys are no different than MQ, completely non-transparent and apparently not profitable. Curious who is funding/ who actually owns them as I cannot find any details online. Forex Magnates do you know?

    February 20th, 2014 at 12:40 am

We do not store your information and we do not disclose our sources.

Leave your name/email (not required) if you'd like to be contacted about this story (will not be disclosed):

Note: Copyright © 2014 Forex Magnates. All rights reserved.

All materials contained on this site are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of Forex Magnates. You may not alter or remove any trademark, copyright or other notice from copies of the content. All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you.Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at Forex Magnates are those of the individual authors and do not necessarily represent the opinion of Forex Magnates or its management. Forex Magnates has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by Forex Magnates, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. Forex Magnates will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2014 "Forex Magnates Inc. - Home of the Forex Elite" All Rights Reserved.